The relentless rally in the Japanese yen is gathering steam

The Japanese yen is continuing to soar in Asia, rising to its
strongest level against the US dollar since October 2014.

At 12.45pm in Tokyo, the USD/JPY is trading at 109.1, its lowest
level since October 31, 2014 — the day the Bank of Japan (BOJ)
stunned financial markets by increasing the size of its
quantitative and qualitative easing (QQE) program.

From the high of 121.68 struck on January 29 this year — the day
the BOJ adopted a negative interest rate policy — the USD/JPY has
now fallen by 10.36%.

Business Insider Australia

The stronger yen continues to weigh on Japanese stocks, with the
benchmark Nikkei 225 index currently off 0.22% midway through
Thursday’s trading session. In early trade it had been up as much
as 1%.

From February 1, the index has lost over 12%.

Earlier on Thursday Japan’s chief cabinet secretary Yoshihide
Suga told media that excessive volatility and disorderly currency
moves would have a bad impact on the Japanese economy.

He stated that recent moves were one-sided and would take
appropriate steps “as needed”.